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TOWER managing director steps aside

TOWER group managing director Rob Flannagan says his job is done and he s resigning.

Thursday, March 21st 2013, 11:37AM 1 Comment

Flannagan said at the company's annual meeting today that he has given formal notice under his employment contract.

He said "It was important to me that I oversaw the completion of the strategic review implemented by the TOWER Board and this has been done. TOWER now has a refreshed Board with a clear direction of where it wishes TOWER to be in the future. It is time to step aside to allow a new leader to guide the company in its preferred direction. I look forward to working with the Board for a smooth transition."

Interim chairman Steve Smith said Flannagan has guided this company though challenging times such as the establishment of the New Zealand TOWER Group on the sale of the Australian operations, the global financial melt-down and the Christchurch earthquakes.

"He has strengthened and built shareholder value every step of the way during his tenure."

Flannagan had been with the company seven years and Smith said "we are disappointed to lose (him)."

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Comments from our readers

On 8 April 2013 at 4:14 pm Graeme said:
Which path are they talking about? The guts have been ripped out. How can there be any value in a company whose remaining components are virtually unsalable?

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